The spirited bidding for investment lots at Network Auctions’ 2nd November sale shows the market for buy-to-let is still alive and kicking. The well attended sale at Grosvenor House Hotel delivered a successful 80% overall sales result raising a total of £4,815,000.
The variety of auction lots on offer attracted strong pre-auction interest with almost a third of the catalogue sold prior, with many achieving prices far in excess of the guide prices.
On the day, buyers were keen to bid on properties with strong rental yields, signalling the continuing popularity of buy-to-let investment.
A one-bedroom flat in Romford sold for £167,000 against a guide of £115,000
A two-bedroom maisonette located in Hornchurch sold for £141,000 against a guide of £95,000
A mixed-use lot in Devon with an annual rent of £52,300 sold for £525,000.
Development opportunities also continued to prove popular with sites in London, Torquay, Kings Langley and Reading all achieving well in excess of their guide price.
The next auction will be held on 7 December 2017.